House rental prices in the UK are rising at their fastest pace in 13 years, property company Zoopla said last week.
High rents aren't just a problem in this country either. In Tokyo, Japan's capital city, a lack of space and rising living costs mean affordable housing can be hard to come by.
But this week, the Japanese arm of Ikea announced it would be renting out a flat in one of Tokyo's most popular districts for less than £1 a month.
The catch? The apartment is less than ten square metres in size.
The Swedish furniture company launched its "Tiny Homes" campaign this week in the Japanese capital. This marks the first time Ikea has entered the rental market.
The flat on offer is a mere 9.94 square metres (107 square feet) in size, and is on the market for about 70p (99 yen) a month.
Ikea's tiny home is located in the Shinjuku nightlife district of Tokyo, one of the world's most populous cities.
The average rent in the area is about £319 a month, or 49,000 yen, making Ikea Japan's flat about 500 times cheaper.
Ikea has fully furnished the flat with products from its ranges. A bed, fridge, washing machine, folding table, and clothes rail are all included in the property.
An Ikea Japan spokesperson said only one flat is currently up for rent, and will be rented until mid-January.
Tiny flats are popular in Japan, particularly with young professionals who live in densely populated cities.
Spilytus, a Japanese property company, rent a range of 1,200 flats that are less than five square metres in size.
Japanese news outlet SoraNews24 reported last year that most of these properties were being let out.